The initial public offer of app-based beauty and home services platform Urban Company Ltd got fully subscribed hours after opening for bidding on Wednesday, with retail and non-institutional investors part also getting full subscription.
The IPO received bids for 13,54,38,410 shares against 10,67,73,244 shares on offer, translating into 1.27 times subscription, as per NSE data till 12:45 hours.
Its Retail Individual Investors (RIIs) part got subscribed 3.84 times and non-institutional investors portion received 1.67 times subscription, while the Qualified Institutional Buyers (QIBs) category fetched a 20 per cent subscription.
The Gurugram-based company had raised ₹854 crore from anchor investors on Tuesday, and has further plans to raise ₹472 crore through selling new shares, and existing investors plan to sell stakes worth ₹1,428 crore.
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The company's ₹1,900 crore Initial Public Offering (IPO) will remain open for subscription till September 12 in the price band of ₹98-103 per share. At the upper end of the price band, its valuation is pegged at ₹14,790 crore.
Those selling shares under the offer for sale (OFS) route are Accel India and Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte Ltd and VYC11 Ltd.
Operating a technology-driven, full-stack online marketplace for quality-driven services and solutions across various home and beauty categories, the company also has a presence in the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia.
It says it plans to use funds raised through the fresh issuance for new technology development and cloud infrastructure, lease payments for its offices, marketing activities, and general corporate purposes.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities and JM Financial are the book running lead managers to the issue.
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